JOHANNESBURG (Bloomberg) — Bermuda-based Aquarius Platinum Ltd., a producer of the metal in South Africa and Zimbabwe, may have to pay "hefty" costs to refinance its 1.57 billion rand ($159 million) of debt due June 30, Investec Bank Plc said.

"Not only do we expect banks to charge a significant premium to the base rate for any debt, we also expect arrangement fees to be hefty," Rebecca O'Dwyer, an analyst at Investec in London, said yesterday in a research note. "Couple this with the high-interest-rate environment in South Africa, and you have a not particularly cheap way to refinance."

Investec maintained its "buy" rating on the stock and 285-pence share-price estimate. Aquarius slipped 0.75 penny, or 0.4 percent, to 177.25 pence at 8:29 a.m. in London trading, cutting its market value to 579.8 million pounds ($838 million).